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Dec 31, 2023
EVgo Q4 2023 Earnings Report
EVgo reported strong Q4 2023 results, marked by significant revenue growth and network throughput increase.
Key Takeaways
EVgo Inc. reported an 83% increase in revenue, reaching $50.0 million in Q4 2023, driven by growth in charging revenues and eXtendrevenue. Network throughput also saw a substantial increase of 257% year-over-year. The company added over 110,000 new customer accounts during the quarter, bringing the total to over 884,000.
Revenue increased by 83% year-over-year, reaching $50.0 million.
Network throughput increased by 257% year-over-year, reaching 50 GWh.
Over 110,000 new customer accounts were added, bringing the total to more than 884,000.
Net loss was $36.6 million for the quarter.
EVgo
EVgo
EVgo Revenue by Segment
Revenue by Segment
eXtend Revenue
CapyFin.comAncillary Revenue
CapyFin.com Forward Guidance
EVgo introduced 2024 guidance with total revenue of $220 - $270 million and Adjusted EBITDA of ($48) - ($30) million.
Positive Outlook
- Total revenue of $220 – $270 million
- EVgo is well positioned to continue to expand its network
- EVgo is well positioned to continue to increase revenues
- EVgo is well positioned to continue to realize operational leverage
- EVgo target Adjusted EBITDA breakeven in 2025
Challenges Ahead
- Adjusted EBITDA of ($48) – ($30) million
- Changes or developments in the broader general market
- EVgo’s dependence on the widespread adoption of EVs and growth of the EV and EV charging markets
- Competition from existing and new competitors
- EVgo’s ability to expand into new service markets, grow its customer base and manage its operations
Revenue & Expenses
Visualization of income flow from segment revenue to net income